Students

ECON6034 – Econometrics and Business Statistics

2021 – Session 1, Special circumstances

Notice

As part of Phase 3 of our return to campus plan, most units will now run tutorials, seminars and other small group activities on campus, and most will keep an online version available to those students unable to return or those who choose to continue their studies online.

To check the availability of face-to-face and online activities for your unit, please go to timetable viewer. To check detailed information on unit assessments visit your unit's iLearn space or consult your unit convenor.

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Lecturer
Fazeel M Jaleel
Contact via email
4EaR 452
TBA
Credit points Credit points
10
Prerequisites Prerequisites
Admission to GradCertFin or GradDipAppFin or MAppEcon or MAppFin or MAppFin(Adv) or MkgFin or MBusAnalytics
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

This unit is designed to bring students with no econometrics background to an intermediate level in econometrics. Starting from first principles, the unit outlines standard econometric methods to the extent necessary for students to understand key concepts, apply basic methods, and interpret empirical research results in economics, finance and business. The unit material also includes elementary discussions of violations of the standard assumptions for a regression model, such as autocorrelation and heteroscedasticity.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://students.mq.edu.au/important-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • ULO1: Apply basic statistical techniques to different economic and business problems.
  • ULO2: Evaluate and use appropriate econometric tools to model, estimate and forecast economic data.
  • ULO3: Apply research skills to select, compare and utilise econometric models.
  • ULO4: Utilise appropriate practices involved in today's working environment to work effectively in a group.

General Assessment Information

Class Test 1

A 75 minute online test consisting of multiple-choice and short answer questions will be held during the lecture in week 6. The test will cover all contents from week 1 to week 5, inclusive. A calculator is needed for the test and attendance is compulsory.

Students must be available during the time of the lecture class to sit the class test. The only exception to this is when the student submits a valid application for Special Consideration which is approved by the University. In these circumstances the student may wish to consult the Special Consideration Policy which is available via the link in the Policies and Procedures section of this document.

This Assessment Task relates to the following Learning Outcomes:

  • Apply basic statistical techniques to problems in economics and business

  • Apply research skills to select, compare and utilise econometric models.

 

Class Test 2

A 75 minute online test consisting of multiple-choice and short-answer questions will be held during the lecture time in week 10. The test will cover all contents from week 1 to week 9, inclusive. A calculator is needed for the test and attendance is compulsory.

Students must be available during the time of the lecture class to sit the class test. The only exception to this is when the student submits a valid application for Special Consideration which is approved by the University. In these circumstances the student may wish to consult the Special Consideration Policy which is available via the link in the Policies and Procedures section of this document.

This Assessment Task relates to the following Learning Outcomes:

  • Apply basic statistical techniques to problems in economics and business

  • Apply research skills to select, compare and utilise econometric models.

Assignment

The assignment will require students to analyse some sets of data using the econometric software and econometric models described in the course. The assignment must be submitted electronically in week 13. Further details including the assignment topic will be released in iLearn.

No extensions will be granted. There will be a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission – 20% penalty). This penalty does not apply for cases in which the student submits a valid application for Special Consideration which is approved by the University. In these circumstances the student may wish to consult the Special Consideration Policy which is available via the link in the Policies and Procedures section of this document.

This Assessment Task relates to the following Learning Outcomes:

  • Apply basic statistical techniques to problems in economics and business

  • Evaluate and use appropriate econometric tools to model, estimate and forecast economic data.

  • Apply research skills to select, compare and utilise econometric models

  • Utilise appropriate practices involved in today's working environment to work effectively in a group.

Final Examination

The final exam will consist of multiple-choice questions and short-answer questions. The exam will have a duration of 1 hour and 40 minutes.

This Assessment Task relates to the following Learning Outcomes:

  • Apply basic statistical techniques to problems in economics and business

  • Evaluate and use appropriate econometric tools to model, estimate and forecast

    economic data.

  • Apply research skills to select, compare and utilise econometric models

Assessment Tasks

Name Weighting Hurdle Due
Class Test 1 15% No Week 6 (during the lecture time)
Class Test 2 20% No Week 10 (during the lecture time)
Group assignment 30% No Week 13 Monday 10 am
Final examination 35% No University Examination Period

Class Test 1

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 7.5 hours
Due: Week 6 (during the lecture time)
Weighting: 15%

 

A 75 minute test consisting of multiple-choice questions will be held during the lecture in week 6.

 


On successful completion you will be able to:
  • Apply basic statistical techniques to different economic and business problems.
  • Evaluate and use appropriate econometric tools to model, estimate and forecast economic data.

Class Test 2

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 10 hours
Due: Week 10 (during the lecture time)
Weighting: 20%

 

A 75 minute test consisting of multiple-choice and short-answer questions will be held during the lecture in week 10.

 


On successful completion you will be able to:
  • Apply basic statistical techniques to different economic and business problems.
  • Evaluate and use appropriate econometric tools to model, estimate and forecast economic data.

Group assignment

Assessment Type 1: Qualitative analysis task
Indicative Time on Task 2: 15 hours
Due: Week 13 Monday 10 am
Weighting: 30%

The assignment will require students to critically analyse some sets of data using the econometric software and regression models (including time-series and cross-sectional data). The group will estimate a variety of different models, compare and contrast the outcomes, and assess the suitability of the models for the analysis.


On successful completion you will be able to:
  • Apply basic statistical techniques to different economic and business problems.
  • Evaluate and use appropriate econometric tools to model, estimate and forecast economic data.
  • Apply research skills to select, compare and utilise econometric models.
  • Utilise appropriate practices involved in today's working environment to work effectively in a group.

Final examination

Assessment Type 1: Examination
Indicative Time on Task 2: 17.5 hours
Due: University Examination Period
Weighting: 35%

A 1-hour-and-40-minutes' open-book examination will be held during the University Examination Period, and will consist of multiple-choice and short-answer questions.


On successful completion you will be able to:
  • Apply basic statistical techniques to different economic and business problems.
  • Evaluate and use appropriate econometric tools to model, estimate and forecast economic data.
  • Apply research skills to select, compare and utilise econometric models.

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • the Learning Skills Unit for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation

Delivery and Resources

This unit is taught as a mix of tutorials, lectures. The lectures are designed to introduce the underlying knowledge in probability, statistics and econometrics, and to explain the methods which will be used to analyse and interpret data. Tutorials are based mainly on numerical problems which allow students to practice and understand the methods taught in the lectures. The tutorials include empirical applications which require the use of econometric software packages.

Lectures are intended to provide an overview of statistical and econometrics techniques that are critical to the core themes of the unit. Students are expected to read the relevant material before each lecture.

Tutorials – 1 hour per week Tutorials will go through assigned problems which may be mathematical exercises, or which may require use of the econometric software  to estimate a model.

Self-study activities – learning by doing (about 6 hours each teaching week and 9 hours each week during the mid-semester recess)

ECON6034 relies heavily on independent learning where students read the lecture notes, relevant chapters in the useful text books and prepare answers to the pre-set tutorial questions.

Useful but not required texts include:

  1. Hill, C. H., Griffiths, W. E. and Lim, G. C. (2011) Principles of Econometrics (4th ed.) Wiley -- Available online through our library: http://ebookcentral.proquest.com.simsrad.net.ocs.mq.edu.au/lib/MQU/ detail.action?docID=4806586

  2. Gujarati, N. G. and Porter, D. C. (2009) Essentials of Econometrics, 4th Edition, McGraw-Hill

  3. Keller, Gerald (2014) Statistics for Management and Economics (10th, ed.), Cengage Learning.

  4. Stock, J. H. and Watson, M. W. (2014) Introduction to Econometrics, 3rd Edition, Pearson

Material such as lecture slides, examples, and tutorial questions will be available on the unit home page. The lecture notes, together with the lectures and additional references will provide students with a clear indication of the basic content of the unit.

It is recommended that students listen to all lectures and tutorials for several reasons including:

  1. Not all the material in the texts is included in the unit, and not all the material in the unit is covered in the texts. In some places the texts deals with issues in greater depth than is necessary for the unit, and in other places it doesn’t go far enough. The lectures contain all the unit material taught at the level required for the assessment tasks, and are your guide to the unit content.

  2. The approaches to some problems that are recommended by the lecturer are different to those in the text.

  3. The lectures will include guidance about the style and content of the final exam and recommendation about study technique.

  4. It is difficult (and often impossible) for staff to provide meaningful assistance to students outside class times on topics for which they did not attend the relevant lectures and tutorials.

 

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/student-conduct

Results

Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

Learning Skills

Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to help you improve your marks and take control of your study.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Enquiry Service

For all student enquiries, visit Student Connect at ask.mq.edu.au

If you are a Global MBA student contact globalmba.support@mq.edu.au

Equity Support

Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.

IT Help

For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/

When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.